Making Repayments

Making Repayments

How do I make repayments?

Repayments can be made in either fortnightly or monthly installments, by direct debit.

If you wish to make extra payments, please contact our customer service team on 1300 144 221. There are no fees or penalties for making extra payments or paying off your loan early.

If you are experiencing financial hardship and are having difficulty repaying your loan please call customer service on 1300 144 221.

How are repayments calculated?

Repayments are calculated depending on your choice of 2,3 or 5 year loan terms, and whether you have chosen fortnightly or monthly repayments along with the interest rate you receive on approval of your loan.

Can I choose and/or change my repayment dates?

Your loan offer will set out your direct debit repayment schedule and if you require any changes to that schedule, please contact customer service on 1300 144 221 to discuss.

Can I repay my loan early? Can I make extra payments?

Yes, absolutely. SocietyOne encourages responsible borrowing and provides repayment flexibility. You can either pay out your loan early or make lump sum payments during the life of your loan with no extra fees or penalty. If you wish to pay off your loan completely then please gives us a call on 1300 144 221 so that we can give you an accurate settlement quote.

Are there any fees and charges that come with early exit?

At SocietyOne there are no fees or penalties for paying out your loan earlier than the scheduled period.

Can I change my bank account/direct debit details?

Yes. To do this please contact customer service on 1300 144 221.

Payment difficulties

It’s rare that our customers have issues because of our great low rates and our responsible lending policy, but sometimes there might be reasons that you can’t make repayments - ranging from short-term cash-flow issues to severe financial hardship.

What do I do if I can’t make a payment?

* If you are finding it difficult to make a payment, call us immediately. Whether you need short-term or medium-term assistance with your repayments, our customer service team can help. They can discuss options with you which may include flexibility with instalments due, an extension of time to pay or, if your circumstances warrant it, discussing hardship options.

Can I get free independent advice?

* If your debts are out of control or you are really struggling to make ends meet, it's important to act quickly. Here are some places you can go for free help and guidance. https://www.moneysmart.gov.au/...

SocietyOne Australia Pty Ltd ACN 151 627 977 holds Australian Credit Licence No. 423660 and is an authorised representative of SocietyOne Investment Management Pty Ltd ACN 604 960 018, ASFL 477365. All loans are originated by Society One, issued by Australian Executor Trustees Limited ABN 84 007 869 794, Australian Credit Licence No. 240023 as custodian for the SocietyOne P2P Lending Trust and are signed by Society One under a power of attorney for and on behalf of Australian Executor Trustees Limited. Credit is subject to SocietyOne’s standard terms and conditions and lending criteria.